eir’s €750 Million Notes Offering And €400 Million Term Loan Facility

Milbank LLP advised eir in connection with the offering of €750 million aggregate principal amount of 3.50% Senior Secured Notes due 2026 (the “2026 Notes”) and the introduction of a new €400 million term loan facility under its senior facilities agreement (“New eir Financing”).

In addition to the New eir Financing, eir successfully launched an amend and extend consent process in relation to its existing loan facilities that will, among other things, result in approximately €945 million of existing term loan B commitments being redesignated and cashlessly rolled into a new term loan facility with the same maturity as the 2026 Notes. The total proceeds of the New eir Financing were upsized from €850 million at launch to €1,150 million.

The proceeds of the offering of the 2026 Notes and the drawing under the New TLB will be used to refinance the company’s existing 4.50% Senior Secured Notes due 2023, prepay a portion of its existing term loan in line with the consent process, make a distribution to its shareholders, boost cash on balance sheet and pay fees and expenses in connection with the transaction.

eir is the principal provider of fixed line telecommunications and the third largest mobile telecommunications provider in Ireland.

The Milbank team was led by London Leveraged Finance/Capital Markets partners Rebecca Marques (Picture), Suhrud Mehta and Apostolos Gkoutzinis, with associates Andrew Bechtel, Kenneth Ryan, Serguei Chevtchenko and Francesca Mosely. The team also included New York tax partner Eschi Rahimi-Laridjani and associates Jules Mugema and Archan Hazra and New York leveraged finance partner Michael Bellucci and associate Ashley Rose.